CATHOLIC UNITED INVESTMENT TRUST ANNUAL REPORT (AUDITED) DECEMBER 31, 2016

ANNUAL REPORT (AUDITED)

TABLE OF CONTENTS Page REPORT OF INDEPENDENT AUDITORS 1-2 Statement of Assets and Liabilities 3-4 Schedule of Investments: Money Market Fund 5-7 Short Bond Fund 8-10 Intermediate Diversified Bond Fund 11-20 Opportunistic Bond Fund 21-26 Balanced Fund 27-37 Value Equity Fund 38-40 Core Equity Index Fund 41-47 Growth Fund 48-51 International Equity Fund 52-55 Small Capitalization Equity Index Fund 56-71 Statements of Operations 72-74 Statements of Changes in Net Assets 75-77 FINANCIAL HIGHLIGHTS 78-80 NOTES TO FINANCIAL STATEMENTS 81-96

REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS Grant Thornton LLP Grant Thornton Tower 171 N. Clark Street, Suite 200 Chicago, IL 60601-3370 T +1 312 856 0200 F +1 312 565 4719 grantthornton.com To the Members of the Board of Trustees And Unitholders of the Catholic United Investment Trust We have audited the accompanying financial statements of the Catholic United Investment Trust, including the Money Market Fund, Short Bond Fund, Intermediate Diversified Bond Fund, Opportunistic Bond Fund, Balanced Fund, Value Equity Fund, Core Equity Index Fund, Growth Fund, International Equity Fund, and Small Capitalization Equity Index Fund, (collectively, the Funds), which comprise the statements of assets and liabilities, including the schedules of investments, as of December 31, 2016, and the related statements of operations, changes in net assets, and financial highlights for the year then ended, and the related notes to the financial statements. The accompanying statements of operations and changes in net assets for the year ended December 31, 2015, and financial highlights for the years ended December 31, 2015, 2014, 2013 and 2012, were audited by other auditors whose report thereon dated March 8, 2016, expressed an unqualified opinion on the financial statements and financial highlights. Management s responsibility for the financial statements Management is responsible for the preparation and fair presentation of these financial statements and financial highlights in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements and financial highlights that are free from material misstatement, whether due to fraud or error. Auditor s responsibility Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements and financial highlights. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the Grant Thornton LLP U.S. member firm of Grant Thornton International Ltd

2 financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Funds preparation and fair presentation of the financial statements and financial highlights in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Money Market Fund, Short Bond Fund, Intermediate Diversified Bond Fund, Opportunistic Bond Fund, Balanced Fund, Value Equity Fund, Core Equity Index Fund, Growth Fund, International Equity Fund, and Small Capitalization Equity Index Fund as of December 31, 2016, and the results of their operations, changes in net assets and financial highlights for the year then ended in accordance with accounting principles generally accepted in the United States of America. Chicago, Illinois March 17, 2017 Grant Thornton LLP U.S. member firm of Grant Thornton International Ltd

STATEMENT OF ASSETS AND LIABILITIES AS OF (Amounts in thousands, except per trust unit amounts) Intermediate ASSETS: Money Market Fund Short Bond Fund Diversified Bond Fund Opportunistic Bond Fund Investments, at amortized cost $ 63,706 $ 378,790 $ 1,220,443 $ 403,149 Investments, at fair value $ 63,706 $ 376,031 $ 1,215,404 $ 401,727 Cash - 312 450 13,570 Receivables: Investment securities sold - 24 2,090 6 Interest 58 2,005 7,033 2,199 Tax reclaims dividends - - - - Trust units sold 295 95 3,167 954 Securities sold short - - - 23 Unrealized gain on forward foreign currency contracts - - - - Other assets - 10 21 5 Total assets 64,059 378,477 1,228,165 418,484 LIABILITIES: Payables: Cash overdraft 1,149 - - - Securities sold short at fair value (proceeds $4,884) - - - 5,248 Distribution payable 2 6 104 28 Investment securities purchased - 1,484 44,859 767 Interest purchased - 10 21 5 Dividends payable - - - 27 Investment advisory and administrative fees 14 86 356 133 Other fees 23 27 75 18 Variation margin - - 342 - Securities lending collateral - - 26,306 3,497 Trust units redeemed 119 36 1,133 1 Total liabilities 1,307 1,649 73,196 9,724 NET ASSETS $ 62,752 $ 376,828 $ 1,154,969 $ 408,760 NET ASSETS CONSIST OF: Paid-in capital $ 62,757 $ 375,195 $ 996,944 $ 407,506 Accumulated undistributed net investment income (loss) - - - - Accumulated net realized gain (loss) (5) 4,392 162,649 3,040 Net unrealized appreciation (depreciation) on investments and future contracts - (2,759) (4,624) (1,785) Net unrealized gain (loss) on forward foreign currency contracts - - - (1) NET ASSETS $ 62,752 $ 376,828 $ 1,154,969 $ 408,760 TRUST UNITS OUTSTANDING 62,757 34,031 N/A N/A NET ASSET VALUE PER TRUST UNIT OUTSTANDING $ 1.00 $ 11.07 N/A N/A CLASS A SHARES Net Assets Applicable to Trust Units Outstanding N/A N/A $ 133,886 $ 67,334 Trust Units Outstanding N/A N/A 9,688 6,742 Net Asset Value Per Trust Unit Outstanding N/A N/A $ 13.82 $ 9.99 CLASS B SHARES Net Assets Applicable to Trust Units Outstanding N/A N/A $ 1,021,083 $ 341,426 Trust Units Outstanding N/A N/A 73,937 34,191 Net Asset Value Per Trust Unit Outstanding N/A N/A $ 13.81 $ 9.99 See notes to financial statements. 3

STATEMENT OF ASSETS AND LIABILITIES AS OF (Amounts in thousands, except per trust unit amounts) ASSETS: Balanced Fund Value Equity Fund Core Equity Index Fund Growth Fund International Equity Fund Small Capitalization Equity Index Fund Investments, at amortized cost $ 194,104 $ 277,109 $ 1,220,280 $ 250,070 $ 638,950 $ 281,179 Investments, at fair value $ 231,090 $ 368,841 $ 1,594,717 $ 287,173 $ 661,354 $ 378,080 Cash 12-214 - 94 107 Receivables: Investment securities sold 54 168-127 50 - Interest 526 1 2 1 6 1 Dividends 133 348 1,626 230 837 437 Tax reclaims dividends - - - - 535 - Trust units sold 7 3 2,983 109 284 2 Securities sold short - - - - - - Unrealized gains on forward foreign currency contracts - - - - 2 - Other assets 4-14 - - - Total assets 231,826 369,361 1,599,556 287,640 663,162 378,627 LIABILITIES: Payables: Cash overdraft - - - - - - Securities sold short at fair value - - - - - - Distribution payable 4 49 213 - - - Investment securities purchased 4,506 385-98 337 - Interest purchased 4 - - - - - Investment advisory and administrative fees 153 243 171 226 552 89 Other fees 57 44 76 57 100 38 Variation margin 32-20 - - - Securities lending collateral 1,353 5,509 10,571 5,441 17,058 35,246 Trust units redeemed - 1,513 3,536 3 20 1,318 Total liabilities 6,109 7,743 14,587 5,825 18,067 36,691 NET ASSETS $ 225,717 $ 361,618 $ 1,584,969 $ 281,815 $ 645,095 $ 341,936 NET ASSETS CONSIST OF: Paid-in capital $ (48,761) $ (5,412) $ 691,923 $ (22,167) $ 307,221 $ 128,839 Accumulated undistributed net investment income (loss) (4) - - 201 90,205 31,607 Accumulated net realized gain (loss) 237,465 275,298 518,670 266,678 225,264 84,589 Net unrealized appreciation (depreciation) on investments and future contracts 37,017 91,732 374,376 37,103 22,405 96,901 Net unrealized gain (loss) on forward foreign currency contracts - - - - - - NET ASSETS $ 225,717 $ 361,618 $ 1,584,969 $ 281,815 $ 645,095 $ 341,936 TRUST UNITS OUTSTANDING 2,849 N/A N/A N/A N/A N/A NET ASSET VALUE PER TRUST UNIT OUTSTANDING $ 79.22 N/A N/A N/A N/A N/A CLASS A SHARES Net Assets Applicable to Trust Units Outstanding N/A $ 130,900 $ 126,707 $ 123,123 $ 173,457 $ 114,094 Trust Units Outstanding N/A 2,206 2,492 1,627 5,530 6,053 Net Asset Value Per Trust Unit Outstanding N/A $ 59.34 $ 50.84 $ 75.68 $ 31.37 $ 18.85 CLASS B SHARES Net Assets Applicable to Trust Units Outstanding N/A $ 230,718 $ 1,053,162 $ 158,692 $ 471,638 $ 227,842 Trust Units Outstanding N/A 3,898 20,720 2,009 14,036 11,754 Net Asset Value Per Trust Unit Outstanding N/A $ 59.18 $ 50.83 $ 78.96 $ 33.60 $ 19.38 CLASS C SHARES Net Assets Applicable to Trust Units Outstanding N/A N/A $ 405,100 N/A N/A N/A Trust Units Outstanding N/A N/A 7,973 N/A N/A N/A Net Asset Value Per Trust Unit Outstanding N/A N/A $ 50.81 N/A N/A N/A See notes to financial statements. 4

MONEY MARKET FUND The Portfolio (UNAUDITED) Portfolio Asset Mix (% of Net Assets) Fixed Income Securities: Asset Backed Securities 37.94% Corporate Obligations 37.56% Sovereign 1.03% U.S. Agency Obligations 6.78% U.S. Government Obligations 13.56% Repurchase Agreements 2.39% Short-Term Investments 2.26% Less Liabilities, Other Assets -1.52% 5

MONEY MARKET FUND Principal Percent of Amortized Principal Percent of Amortized Amount Net Assets Cost (000's) Amount Net Assets Cost (000's) Asset Backed Securities 37.94% Corporate Obligations 37.56% 74,149 Ally Auto Receivables Trust 2015-SN1, 1.210%, due 12/20/17 $ 74 Consumer Discretionary 3.65% Ally Master Owner Trust 500,000 BAT International Finance PLC, 2.125%, due 6/7/17 502 110,000 1.173%, due 1/15/19 110 500,000 Nissan Motor Acceptance Corp., 1.491%, due 3/03/17 500 500,000 1.193%, due 10/15/19 500 650,000 The Coco-Cola Co, 0.000%, due 7/12/17 647 500,000 1.430%, due 6/17/19 500 650,000 Toyota Motor Credit Corp., 1.101%, due 2/16/2017 650 500,000 1.720%, due 7/15/19 502 2,299 AmeriCredit Automobile Receivables Trust 390,895 1.150%, due 6/10/19 2014-3 391 Energy 1.91% 280,263 0.780%, due 10/10/17 2016-4 280 600,000 ChevronCorp, 0.000%, due 5/8/17 598 500,000 Cabela's Credit Card Master Note Trust, 1.233%, due 2/18/20 500 600,000 Shell International Finance BV, 1.202%, due 5/10/17 600 Capital Auto Receivables Asset Trust 1,198 556,468 1.438%, due 11/20/18, 2016-1 557 700,000 1.329%, due 1/22/19, 2016-2 701 Financial Services 25.46% 775,000 Capital One Multi-Asset Execution Trust, 1.073%, due 6/15/20 777 200,000 ANZ New Zealand Int'l Ltd/London, 1.405%, due 4/27/17 200 365,877 CarMax Auto Owner Trust 2013-2, 0.840%, due 11/15/18 365 600,000 Asian Development Bank, 0.924%, due 1/23/17 600 541,493 CarMax Auto Owner Trust 2015-4, 1.303%, due 4/15/19 542 500,000 Australia & New Zealand Banking Group Ltd, 1.256%, due 1/10/17 500 381,567 CarMax Auto Owner Trust 2016-4, 0.750%, due 11/15/17 382 600,000 Bank of America NA, 1.372%, due 2/14/17 600 775,000 Chase Issuance Trust, 1.023%, due 2/18/20 777 600,000 Bank of Montreal 1.080%, due 3/16/17 600 108,850 Chesapeake Funding LLC, 1.101%, due 1/7/25 109 650,000 Bank of Nova Scotia, 1.186%, due 4/11/17 650 535,113 Chrysler Capital Auto Rec.Trust 2016-B, 0.850%, due 11/15/17 535 500,000 Bank of Tokyo-Mitsubishi UFJ Ltd, 1.363%, due 3/10/17 500 750,000 Citibank Credit Card Issuance Trust, 1.905%, due 1/23/20 759 650,000 Berkshire Hathaway Finance Corp., 1.04%, due 1/13/17 650 312,198 CNH Equipment Trust 2016-C, 0.750%, due 10/10/17 312 600,000 BPCE SA, 0.000%, due 3/1/17 599 590,000 Discover Card Execution Note Trust, 1.003%, due 8/17/20 591 650,000 CAFCO LLC, 0.000%, due 3/7/17 649 775,000 Discover Card Execution Note Trust, 1.053%, due 8/17/20 777 650,000 Canadian Imperial Bank of Commerce NY, 0.800%, due 2/22/17 650 Ford Credit Auto Lease Trust 600,000 Ciesco LLC, 0.000%, due 3/21/17 599 800,000 1.310%, due 8/15/18, 2015-A 801 575,000 Credit Agricole SA, 1.498%, due 6/12/17 575 577,054 1.040%, due 5/15/18, 2015-B, 577 600,000 Credit Suisse AG/New York NY, 1.427%, due 5/26/17 600 435,949 0.720%, due 11/15/17,2016-C, 436 650,000 DNB Bank ASA, 0.000%, due 2/23/17 649 Ford Credit Floorplan Master Owner Trust A, 650,000 Fairway Finance LLC, 0.000%, due 2/24/17 649 775,000 1.103%, due 1/15/20 776 250,000 GE Capital Treasury Services US LLC, 0.000%, due 1/20/17 250 500,000 1.103%, due 2/15/19 500 650,000 International Finance Corp, 0.909%, due 1/20/17 650 500,000 1.200%, due 2/15/19 500 750,000 JPMorgan Chase & Co, 1.425%, due 2/15/17 750 450,000 1.400%, due 8/15/19 451 320,000 Macquarie Bank Ltd, 1.515%, due 10/27/17 320 GM Financial Automobile Leasing Trust 500,000 Manufacturers & Traders Trust Co,1.181%, due 7/25/17 500 936,000 1.530%, due 9/20/18, 2015-1 938 500,000 MassMutual Global Funding II,2.000%, due 4/5/17 502 165,149 0.780%, due 9/20/17, 2016-3 165 150,000 Metropolitan Life Global, 1.256%, due 4/10/17 150 800,000 Golden Credit Card Trust, 1.123%, due 7/15/19 801 625,000 Noreda Bank Finland,0.000%, due 3/20/17 624 500,000 Golden Credit Card Trust, 1.390%, due 7/15/19 500 650,000 Old Line Funding LLC, 0.000%, due 2/21/17 649 333,944 Huntington Auto Trust, 0.850%, due 12/15/17 334 500,000 PNC Bank NA, 1.125%, due 1/27/17 500 693,308 Hyundai Auto Lease Trust 2016-A, 1.253%, due 7/16/18 695 650,000 Sumitomo Mitsui Banking Corp, 0.870%, due 2/22/17 650 230,494 John Deere Owner Trust 2016-B, 0.640%, due 8/15/17 230 400,000 The Toronto-Dominion Bank 1.437%, due 4/30/18 401 Mercedes-Benz Auto Lease Trust 750,000 Wells Fargo Bank NA, 1.621%, due 1/22/18 753 417,297 2016-B, 0.750%, due 11/15/17 417 15,969 Mercedes-Benz Auto Receivables Trust 536,746 0.973%, due 6/15/18, 2015-1 537 245,028 MMAF Equipment Finance LLC 2014-A, 0.870%, due 1/8/19 245 Health Care 1.80% Nissan Auto Lease Trust 625,000 Bayer US Finance LLC, 1.144%, due 10/6/17 625 350,000 1.290%, due 3/16/20, 2014-B, 350 500,000 UnitedHealth Group Inc., 1.329%, due 1/17/17 500 350,000 1.220%, due 8/15/18, 2016-A 343 1,125 650,000 0.983%, due 12/17/18, 2016-B 650 264,926 Santander Drive Auto Rec.Trust 2013-3, 1.810%, due 4/15/19 265 Materials & Processing 1.99% 500,000 Synchrony Credit Card Master Note Trust, 1.360%, due 8/17/20 501 600,000 Caterpillar Financial Services Corp, 1.120%, due 6/9/17 600 183,404 USAA Capital Corp, 0.680%, due 9/15/17 183 Volkswagen Auto Loan Enhanced Trust Producer Durables 1.27% 290,000 1.160%, due 3/20/20, 2013-2 289 800,000 CAFCO LLC, 1.072%, due 11/14/17 800 Wells Fargo Dealer Floorplan Master Note Trust 105,000 1.189%, due 10/20/19 105 1,300,000 1.488%, due 4/22819 1,303 37,178 World Omni Auto Receivables Trust 2013-B, 0.830%, due 8/15/18 37 World Omni Automobile Lease Securitization Trust 631,525 1.060%, due 5/15/18 631 208,361 1.160%, due 9/15/17 208 TOTAL ASSET BACKED SECURITIES 23,809 6

MONEY MARKET FUND Principal Percent of Amortized Principal Percent of Amortized Amount Net Assets Cost (000's) Amount Corporate Obligations (continued) Net Assets Cost (000's) Short Term Investments 2.26% Technology 2.31% 1,416,510 Dreyfus Government Cash Management Fund, 0.457% $ 1,417 800,000 Apple Inc., 0.950%, due 5/5/17 $ 800 TOTAL SHORT-TERM INVESTMENTS 1,417 650,000 Microsoft Corp, 0.000%, due 3/21/17 649 1,449 Utilities 0.20% Repurchase Agreements 2.39% 120,000 Duke Energy Progress LLC, 1.146%, due 3/6/17 124 300,000 Deutsche Bank Repo, 0.510%, due 1/3/17 300 1,200,000 Deutsche Bank Repo, 0.400%, due 1/3/17 1,200 TOTAL CORPORATE OBLIGATIONS 23,564 1,500 Sovereign Issues 1.03% TOTAL INVESTMENTS 101.52% 63,706 650,000 Province of Quebec Canada, 0.000%, due 2/22/17 649 (Cost $63,706) TOTAL SOVEREIGN ISSUES Less Liabilities, Other Assets -1.52% (954) U.S. Agency Obligations 6.78% NET ASSETS 100.00% $ 62,752 Federal Home Loan Bank 3.59% 1,750,000 0.905%, due 8/25/17 1,754 500,000 0.750%, due 9/8/17 501 Federal Farm Credit Banks 3.19% 2,255 2,000,000 0.699%, due 4/9/18 2,001 TOTAL U.S. AGENCY OBLIGATIONS 4,256 U.S. Government Obligations 13.56% U.S Treasury Notes/Bonds 13.56% 1,000,000 0.632%, due 7/31/17 $ 1,000 750,000 0.723%, due 10/31/17 750 2,250,000 0.827%, due 1/31/18 2,256 4,500,000 0.745%, due 4/30/18 4,505 TOTAL U.S. GOVERNMENT OBLIGATIONS 8,511 7

SHORT BOND FUND The Portfolio (UNAUDITED) Portfolio Asset Mix (% of Net Assets) Fixed Income Securities: Asset Backed Securities 13.98% Collateralized Mortgage Obligation 1.79% Commercial Mortgage Backed Securities 8.01% Corporate Obligations 35.55% Municipals 4.51% Sovereign Issues 1.54% U.S. Agency Obligations 5.89% U.S. Government Obligations 21.03% Short-Term Investments 7.49% Other Assets, Liabilities Less 0.21% 8

SHORT BOND FUND Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount Net Assets Value (000's) Asset Backed Securities 13.98% Commercial Mortgage Backed Securities (continued) 1,731,238 AmeriCredit Automobile Rec Trust, 1.520%, due 1/8/19 $ 1,732 299,749 JP Morgan Chase & Co., 5.440%, due 6/12/47 $ 300 1,800,000 ARI Fleet Lease Trust 2016-A, 1.820%, due 7/15/24 1,800 1,785,456 JP Morgan Chase & Co., 5.479%, due 2/12/51 1,813 2,950,000 BA Credit Card Trust, 1.360%, due 9/15/20 2,949 1,142,478 JP Morgan Chase & Co., 5.712%, due 2/12/49 1,149 3,475,000 Capital Auto Receivables Asset Trust, 1.830%, due 3/20/20 3,481 1,353,564 LB-UBS Commercial Mortgage Trust, 5.451%, due 9/15/39 1,215 2,675,000 Chase Issuance Trust, 1.360%, due 4/15/20 2,673 25,466 Morgan Stanley Capital, 5.793%, due 7/12/44 25 1,952,270 CLI Funding V LLC, 3.380%, due 10/18/29 1,877 2,116,703 Morgan Stanley Capital, 5.809%, due 12/12/49 2,148 2,050,000 CNH Equipment Trust, 1.163%, due 8/15/21 2,042 1,648,344 Morgan Stanley Capital, 5.901%, due 6/11/49 1,674 2,425,000 CNH Equipment Trust, 1.660%, due 11/16/20 2,429 2,850,000 Motel 6 Trust 2015-MTL, 3.298%, due 2/5/30 2,860 184,008 College & University Facility Loan, 4.000%, due 6/1/18 184 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 30,186 1,537,037 Cronos Containers Program I Ltd, 3.270%, due 11/18/29 1,487 (Cost $31,356) 1,768,500 DB Master Finance LLC 2015-1, 3.262%, due 2/20/45 1,771 2,325,090 Dominos Pizza Mater Issuer, 5.216%, due 1/25/42 2,372 507,716 FNA 201-1 Trust3.240%, due 12/10/23 505 Corporate Obligations 35.55% Ford Credit Auto Owner Trust/Ford Credit 2014-REV1, Consumer Discretionary 2.95% 2,000,000 2.260%, due 11/15/25 2,017 2,000,000 Daimler Finance North America LLC, 1.500%, due 7/5/19 1,968 2,600,000 Ford Credit Floorplan Master Owner Trust A, 1.490% due 9/15/19 2,604 1,750,000 General Motors Financial Co Inc, 2.400%, due 5/9/19 1,745 1,810,000 Golden Credit Card Trust, 1.770%, due 1/15/19 1,811 1,575,000 Johnson Controls Inc, 7.125%, due 7/15/17 1,618 142,466 Harley-Davidson Motorcycle Trust 2015-1, 0.800%, due 1/15/19 142 1,492,000 Toyota Motor Credit Corp, 2.250%, due 3/20/24 1,473 277,233 MMAF Equipment Finance Trust, 1.350%, due 10/10/18 277 523,000 AmeriGas Finance LLC 7.000%, due 5/20/22 550 824,589 NYCTL 2014-A Trust, 1.340%, due 11/10/28 821 1,950,000 Ford Motor Credit Co LLC., 5.000%, due 5/15/18 2,026 2,775,000 PFS Financing Corp, 1.303% due 2/15/19 2,773 1,700,000 Macy's Retail Holdings Inc, 7.450%, due 7/15/17 1,754 13,445 Small Business Administration Participation, 5.788%, due 8/10/17 14 11,134 2,000,000 Synchrony Credit Card Master Note Trust, 1.600%, due 4/15/21 2,002 1,421,438 Taco Bell Funding LLC, 3.832%, due 5/25/46 1,427 Consumer Staples 0.23% 1,249,997 Tax Ease Funding 2016-1 LLC, 3.131%, due 6/15/28 1,242 797,517 Smith's Food & Drug Center Inc., 9.200%, due 7/2/18 848 2,444,000 Textainer Marine Containers III Ltd., 3.270%, due 10/20/39 2,326 241,130 United States Small Business Administration, 4.570%, due 6/1/25 253 Energy 3.26% 28,427 United States Small Business Administration, 4.580%, due 3/1/18 29 1,800,000 CNOOC Nexen Finance 2014- ULC, 1.625%, due 4/30/17 1,798 11,687 United States Small Business Administration, 5.250%, due 9/1/17 12 1,500,000 Kinder Morgan Inc/DE, 7.000%, due 6/15/17 1,535 2,000,000 Verizon Owner Trust 2016-2, 2.150%, due 5/20/21 1,985 2,334,000 Petroleos Mexicanos, 1.700%, due 12/20/22 2,298 1,675,000 Volvo Financial Equipment LLC Series, 1.510%, due 6/17/19 1,677 1,299,000 Petroleos Mexicanos, 1.950%, due 12/20/22 1,289 Wells Fargo Dealer Floorplan Master Note Trust 1,383,750 Petroleos Mexicanos, 2.830%, due 2/15/24 1,411 3,000,000 1.118%, due 7/20/19 3,000 1,500,000 Range Resources Corp, 5.000%, due 8/15/22 1,491 3,000,000 World Financial Network Credit Crad, 1.760%, due 5/17/21 3,007 1,000,000 Sunoco Inc., 5.750%, due 1/15/17 1,001 TOTAL ASSET BACKED SECURITIES 52,721 1,440,000 Tesoro Corp., 4.250%, due 10/1/17 1,462 (Cost $53,019) 12,285 Collateralized Mortgage Obligation 1.79% Financial Services 20.17% 2,300,000 Bunge NA Finance LP, 5.900%, due 4/01/17 2,320 1,177,118 AA Aircraft Financing 2013-1 LLC, 3.596%, due 11/1/19 1,165 37,505 CHL Mortgage Pass-Throu 29 1A1, 1.296%, due 2/25/35 35 535,460 Ahold Lease Series 2001-A-1 PA 7.820%, due 1/2/20 562 209,407 Community Program Loan Trust 1987 A, 4.500%, due 10/01/29 196 940,987 Ahold Lease Series 2001-A-2 PA 8.619%, due 1/2/25 1,149 343,881 FDIC Guaranteed Notes Trust 2010-S3, 2.740%, due 12/3/20 346 2,250,000 Ally Financial Inc, 4.250%, due 4/15/21 2,271 595,355 FDIC Trust 2013-R1, 1.150%, due 3/25/33 583 2,306,137 Amal Ltd/Cayman Islands, 3.465%, due 8/21/21 2,388 59,751 GSR Mortgage Loan Trust 2004-9 3.150%, due 8/25/34 59 2,000,000 ANZ New Zealand Int'l Ltd/London, 2.250%, due 2/1/19 2,005 394,085 Impac Secured Assets Trust, 1.106%, due 8/25/36 388 1,825,000 Bank One Corp, 8.530%, due 3/1/19 2,053 85,466 JP Morgan Mortgage Trust, 3.810%, due 8/25/34 86 1,400,000 BPCE SA, 1.625%, due 2/10/17 1,400 1,707,272 La Hipotecaria Panamanian Mortgage Trust, 3.007%, due 11/24/42 1,732 1,950,000 Broadridge Financial Solutions Inc, 3.950%, due 9/1/20 2,045 450,476 Sequoia Mortgage Trust 1.855%, due 02/25/43 415 1,175,000 Capital One NA/Mclean VA, 2.350%, due 8/17/18 1,182 615,819 Sequoia Mortgage Trust 1.874%, due 02/25/43 582 1,825,000 Citigroup Inc, 8.500%, due 5/22/19 2,082 TOTAL COLLATERALIZED MORTGAGE OBLIGATION 6,742 2,400,000 Citizens Bank NA/Providence RI, 1.600%, due 12/4/17 2,397 (Cost $6,853) 1,825,000 Cooperatieve Rabobank UA, 10.999%, due 12/29/49 2,145 2,250,000 Credit Suisse AG/New York NY 1.375%, due 5/26/17 2,251 Commercial Mortgage Backed Securities 8.01% 2,585,000 Eaton Vance Corp., 6.500%, due 10/2/17 2,682 158,641 BAMLL-DB Trust 2.343%, due 4/13/29 159 2,000,000 Fidelity National Information Services Inc., 5.000%, due 3/15/22 2,055 1,031,297 Bank of America Commercial Mortage Trust, 5.548%, due 6/10/49 1,037 1,091,541 Gate Capital Cayman Two Ltd., 3.550%, due 6/11/21 1,132 1,123,421 Bear Stearns Commercial Mortgage Sec. Trust, 5.694, due 6/11/50 1,143 2,200,000 International Lease Finance Co., 3.875%, due 4/15/18 2,241 1,500,000 BHMS 2014-ATLS Mortgage Trust, 2.134%, due 7/05/33 1,501 1,800,000 IStar Finacial Inc., 4.000%, due 11/1/17 1,809 1,750,000 CFCRE 2015-RUM Mortgage Trust 3.453%, due 7/15/30 1,722 1,400,000 Jefferies Group LLC, 5.125%, due 4/13/18 1,447 140,471 COMM 2012 Mortgage Trust, 0.704%, due 10/15/45 140 2,000,000 Lloyds Bank PLC, 2.050%, due 1/22/19 1,998 834,203 COMM 2012 Mortgage Trust, 1.024%, due 6/10/46 831 1,925,000 MUFG Union Bank NA 2.625%, due 9/26/18 1,946 2,340,000 COMM 2014 Mortgae Trust, 1.504%, due 3/15/29 2,330 2,000,000 National Rural Utilities Cooperative Fin. Corp, 10.375%, due 11/1/18 2,306 1,448,027 Commercial Mortgage Trust 2007-GG11, 5.736%, due 12/10/49 1,469 2,000,000 Omega Healthcare Investorrs Inc., 5.875%, due 3/15/24 2,063 2,700,000 Credit Suisse Commercial Mortgage Trust, 2.003%, due 8/15/30 2,696 2,667,563 Pershing Road Development Co LLC, 1.330%, due 9/1/26 2,387 891,801 GE Capital Commercial Mortgage Corp, 5.446%, due 11/10/45 889 1,870,000 PNC Preferred Funding Trust II, 2.185%, due 3/29/49 1,805 2,250,000 GS Mortgage Securities Corp Trust 2016-ICE2, 3.953%, due 2/15/33 2,273 2,663,758 Premier Aircraft Leasing EXIM 1 Ltd, 3.547%, due 4/10/22 2,760 2,800,000 GSCCRE Commercial Mortgage Trust 3.453%, due 8/15/32 2,812 1,928,205 Premier Aircraft Leasing EXIM 1 Ltd, 3.576%, due 2/6/22 2,006 9

SHORT BOND FUND Principal Percent of Fair Principal Percent of Fair Amount Corporate Obligations (continued) Net Assets Value (000's) Amount Net Assets Value (000's) Financial Services (continued) Sovereign Issues 1.54% 1,330,000 Royal Bank of Scotland, 9.500%, due 3/16/22 $ 1,351 105,263 Overseas Private Investment. Corp, 0.570%, due 6/15/17 $ 105 2,752,581 Safina Ltd, 1.550%, due 1/15/22 2,719 2,000,000 Residual Funding Corp Principal Strip 0.000%, due 10/15/19 1,918 1,475,000 Scottrade Financial Services Inc., 6.125%, due 7/11/21 1,668 732,000 Tennessee Valley Authority Strip, 0.000%, due 6/15/17 729 1,398,975 Sovereign Bank Lease Pass-Through Trust, 12.180%, due 6/30/20 1,760 2,680,000 United States Department of Transportation, 6.000%, due 12/7/21 3,042 2,335,000 State Street Corp, 4.956%, due 3/15/18 2,412 TOTAL SOVEREIGN ISSUES 5,794 3,172,999 Tagua Leasing LLC, 1.900%, due 7/12/24 3,126 (Cost $5,876) 1,150,000 The Depository Trust & Clearing Corp, 4.875%, due 12/29/49 1,170 2,250,000 TIAA Asset Management Finance Co LLC, 2.950%, due 11/1/19 2,289 U.S. Agency Obligations 5.89% 2,673,958 Ulani MSN 35940 LLC, 2.227%, due 5/16/25 2,660 Freddie Mac 0.33% 1,250,000 UniCredit Bank Austria AG, 7.250%, due 2/15/17 1,256 686,665 2.000%, due 3/15/30 688 1,800,000 Wells Fargo Bank NA, 6.000%, due 11/15/17 1,868 493,851 5.000%, due 7/01/35 543 76,011 1,231 Fannie Mae 1.46% Health Care 0.60% 210,117 5.500%, due 2/1/23 224 2,250,000 Aetna Inc, 1.900%, due 6/7/19 2,245 170,277 5.000%, due 4/1/24 182 2,651,829 2.500%, due 9/1/24 2,707 Materials & Processing 2.66% 799,282 4.000%, due 3/1/31 848 1,600,000 HD Supply Inc, 5.250%, due 12/15/21 1,688 2,695 3.310%, due 2/25/32 3 1,822,000 International Business Machines Corp, 7.625%, due 10/15/18 2,012 380,321 5.000%, due 3/1/34 418 1,750,000 Rockwell Automation Inc, 5.650%, due 12/1/17 1,816 48,034 5.500%, due 8/1/37 52 1,750,000 Roper Technologies Inc., 6.250%, due 9/1/19 1,925 873,755 4.500%, due 8/1/38 941 2,000,000 Tyco International Finance SA, 3.750%, due 1/15/18 2,033 117,284 5.569%, due 8/25/39 131 535,000 WestRock MWV LLC, 7.650%, due 3/15/27 541 5,506 10,015 Ginnie Mae 4.10% Producer Durables 3.17% 386,902 1.738%, due 1/16/34 387 2,245,841 Burlington Northern & Santa Fe Railway Co 5.720%, due 1/15/24 2,480 1,610,714 0.514%, due 5/16/35 1,581 610,066 Burlington Northern & Santa Fe Railway Co 8.251%, due 1/15/21 672 2,362,378 2.800%, due 5/16/39 2,383 2,785,805 Burlington Northern & Santa Fe Railway Co6.462%, due 1/15/21 2,983 1,090,828 1.614%, due 7/16/39 1,069 2,259,053 Federal Express Corp., 2.625%, due 1/15/18 2,265 291,906 3.000%, due 5/20/40 296 1,032,404 Federal Express Corp., 7.840%, due 1/30/18 1,061 2,606,807 2.917%, due 6/16/40 2,645 2,450,000 Ryder System Inc., 3.500%, due 6/1/17 2,471 1,781,401 3.619%, due 9/16/41 1,814 11,932 1,721,520 3.000%, due 11/16/44 1,736 2,945,244 4.396%, due 5/16/51 3,067 Technology 0.53% 455,546 2.398%, due 6/20/61 473 2,000,000 Samsung Electronics America Inc., 1.750%, due 4/10/17 2,001 15,451 TOTAL U.S. AGENCY OBLIGATIONS 22,188 Utilities 1.99% (Cost $22,251) 1,000,000 AT&T Inc, 0.000%, due 11/27/22 799 U.S. Government Obligations 21.03% 624,732 Great River Energy, 5.829%, due 7/1/17 634 Government Backed Agency 0.85% 903,571 Southern California Edison Co., 1.845%, due 2/1/22 889 173,448 Small Business Administration Pools, 1.250%, due 4/25/19 173 1,500,000 Sprint Spectrum Co LLC, 3.360%, due 9/20/21 1,503 108,698 Small Business Administration Pools, 0.999%, due 6/25/20 109 1,625,000 T-Mobile USA Inc., 6.625%, due 4/1/23 1,723 502,879 Small Business Administration Pools, 0.899%, due 1/25/26 502 1,825,000 Verizon Communications Inc, 4.500%, due 9/15/20 1,953 85,751 Small Business Administration Pools, 1.250%, due 1/25/28 86 7,501 370,156 Small Business Administration Pools, 1.250%, due 9/25/28 372 337,021 Small Business Administration Pools, 0.874%, due 11/25/29 336 TOTAL CORPORATE OBLIGATIONS 133,972 1,638,102 Small Business Administration Pools, 0.889%, due 5/25/39 1,626 (Cost $134,518) 3,204 Municipals 4.51% U.S. Treasury Notes/Bonds 20.18% 2,600,000 Alaska Housing Finacial Corp., 1.416%, due 6/1/43 2,603 25,000,000 0.625%, due 4/30/18 $ 24,878 935,000 Arizona Water Infrastructure Fin. Authority, 1.413%, due 10/1/17 935 25,000,000 1.500%, due 2/28/19 25,137 2,000,000 Atlanta Downtown Development Authority, 6.875%, due 2/1/21 2,200 26,000,000 1.625%, due 6/30/20 26,012 1,825,000 California Housing Finance Agency, 1.796%, due 2/1/19 1,808 76,027 109,280 Louisana Local Government Environmental, 2.470%, due 2/1/19 109 TOTAL U.S. GOVERNMENT OBLIGATIONS 79,231 1,500,000 New Jersey Economic Development Authority, 0.000%, due 2/15/18 1,462 (Cost $79,694) 1,880,000 New Jersey Economic Development Authority, 1.802%, due 6/15/17 1,882 790,000 City of Redlands CA 5.650%, due 8/1/17 799 Short Term Investments 7.49% 1,875,000 San Francisco City & Cnty Redevelopment Agncy, 2.570%, due 8/1/19 1,893 Dreyfus Government Cash Management Fund $ 28,218 2,000,000 Pittsburg Successor Redevelopment Agency, 2.123%, due 9/1/17 2,005 TOTAL SHORT TERM INVESTMENTS 28,218 1,290,000 Vermont Educational & Health Bldg Fin. Agcy, 2.877%, due 10/15/19 1,283 (Cost $28,218) TOTAL MUNICIPALS 16,979 TOTAL INVESTMENTS 99.79% 376,031 (Cost $17,005) (Cost $378,790) Other Assets, Liabilities Less 0.21% 797 NET ASSETS 100.0% $ 376,828 10

INTERMEDIATE DIVERSIFIED BOND FUND The Portfolio (UNAUDITED) Portfolio Asset Mix (% of Net Assets) Fixed Income Securities: Asset Backed Securities 3.70% Collateralized Mortgage Obligation 0.01% Commercial Mortgage Backed Securities 0.63% Corporate Obligations 34.00% Municipals 1.33% Sovereign 0.22% U.S. Agency Obligations 22.02% U.S. Government Obligations 37.17% Short-Term Investments 3.87% Short-Term Investments-Repurchase Agreements 2.28% Less Liabilities, Other Assets -5.23% 11

INTERMEDIATE DIVERSIFIED BOND FUND Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount Corporate Obligations (continued) Net Assets Value (000's) Asset Backed Securities 3.70% Consumer Discretionary (continued) 130,000 AEP Texas Central Transition Funding III LLC, 2.844%, due 3/1/26 $ 131 325,000 21st Century Fox America Inc., 6.400%, due 12/15/35 $ 388 235,400 AEP Texas Central Transition Funding III LLC, 5.170%, due 1/1/186 240 810,000 21st Century Fox America Inc., 6.650%, due 11/15/37 997 1,015,000 Ally Auto Receivables Trust 2015-1, 1.390%, due 9/16/19 1,016 1,110,000 American Honda Finance Corp, 3.875%, due 9/21/20 1,169 990,000 Ally Auto Receivables Trust 2016-1, 1.190%, due 12/17/18 990 1,010,000 Charter Communications Operating LLC, 4.908%, due 7/23/25 1,064 360,823 Ally Auto Receivables Trust 2016-1, 1.200%, due 8/15/18 361 800,000 Charter Communications Operating LLC, 6.484%, due 10/23/45 925 1,710,000 Ally Master Owner Trust, 1.430%, due 6/17/19 1,711 175,000 Comcast Corp., 3.125%, due 7/15/22 179 1,420,000 Ally Master Owner Trust, 1.540%, due 9/15/19 1,422 2,055,000 Comcast Corp.,4.400%, due 8/15/35 2,150 410,000 BA Credit Card Trust, 5.170%, due 6/15/19 411 50,000 Comcast Corp.,6.300%, due 11/15/17 52 3,605,000 Capital One Multi-Asset Execution Trust, 1.080%, due 11/15/19 3,605 520,000 Comcast Corp.,6.500%, due 1/15/17 521 1,270,000 Capital One Multi-Asset Execution Trust, 1.260%, due 1/15/20 1,271 2,375,000 Cox Communications Inc., 3.250%, due 12/15/22 2,313 1,605,000 Capital One Multi-Asset Execution Trust, 1.480%, due 7/15/20 1,608 2,800,000 Cox Communications Inc., 3.850%, due 2/1/25 2,746 835,000 Capital One Multi-Asset Execution Trust, 5.750%, due 7/15/20 862 300,000 Cox Communications Inc., 9.375%, due 1/15/19 339 1,591 Centerpoint Energy Transition Bond Co II LLC, 4.192%, due 2/1/20 2 2,170,000 CVS Health Corp., 3.500%, due 7/20/22 2,230 2,815,000 Chase Issuance Trust, 1.060%, due 9/16/19 2,812 1,050,000 Daimler Finance North America LLC, 1.750%, due 10/30/19 1,037 1,870,000 Chase Issuance Trust, 1.150%, due 1/15/19 1,870 1,770,000 Daimler Finance North America LLC, 2.000%, due 8/3/18 1,772 655,000 Chase Issuance Trust, 1.260%, due 7/15/19 655 2,365,000 Daimler Finance North America LLC, 2.375%, due 8/1/18 2,383 1,500,000 Chase Issuance Trust, 1.590%, due 2/18/20 1,504 2,800,000 Diamond 1 Finance Corp, 4.420%,due 6/15/21 2,897 5,160,000 Citibank Credit Card Issuance Trust, 1.020%, due 2/22/19 5,160 1,275,000 Diamond 1 Finance Corp, 5.450%,due 6/15/23 1,352 335,000 Citibank Credit Card Issuance Trust, 1.230%, due 4/24/19 335 125,000 Dillard's Inc, 7.130%, due 8/1/18 134 1,310,000 Ford Credit Auto Owner Trust 2014-REV1, 2.260%, due 11/15/25 1,321 1,655,000 Ford Motor Credit Co LLC, 2.145%, due 1/9/18 1,657 3,360,000 Ford Credit Auto Owner Trust 2015-REV1,2.120%, due 7/15/26 3,367 1,090,000 Ford Motor Credit Co LLC, 2.551%, due 10/5/18 1,096 1,590,000 Ford Credit Floorplan Master Owner Trust A, 1.400%, 8/15/19 1,591 1,090,000 Ford Motor Credit Co LLC, 2.597%, due 11/4/19 1,088 1,610,000 Hertz Vehicle Financing II LP, 2.020%, due 9/25/19 1,595 700,000 Ford Motor Credit Co LLC, 3.219%, due 1/9/22 692 114,199 Honda Auto Receivables 2016-2 Owner Trust, 1.010%, due 6/18/18 114 500,000 Ford Motor Credit Co LLC, 4.250%, due 9/20/22 515 1,380,000 Honda Auto Receivables 2016-2 Owner Trust, 1.130%, due 9/15/18 1,380 975,000 Ford Motor Credit Co LLC, 4.375%, due 8/6/23 1,006 2,530,000 Mercedes-Benz Auto Receivables Trust 2016-1, 1.110%, due 3/15/19 2,529 780,000 Ford Motor Credit Co LLC, 5.000%, due 5/15/18 811 515,000 Nissan Auto Receivables 2016-C Owner Trust, 1.070%, due 5/15/19 514 600,000 Ford Motor Credit Co LLC, 5.750%, due 2/1/21 658 361,799 RSB Bondco LLC, 5.820%, due 6/28/19 366 550,000 Ford Motor Credit Co LLC, 5.875%, due 8/2/21 607 1,677,668 SLM Private Education Loan Trust 2012-B, 3.480%, due 10/15/30 1,700 1,430,000 Ford Motor Credit Co LLC, 8.125%, due 1/15/20 1,649 1,685,000 USAA Auto Owner Trust 2016-1, 1.070%, due 3/15/19 1,683 425,000 Macy's Retail Holdings Inc., 4.500%, due 12/15/34 380 565,000 Verizon Owner Trust 2016-1, 1.420%, due 1/20/21 561 740,000 Macy's Retail Holdings Inc., 6.375%, due 3/15/37 782 TOTAL ASSET BACKED SECURITIES 42,687 1,025,000 Macy's Retail Holdings Inc., 6.650%, due 7/15/24 1,174 (Cost $42,770) 2,825,000 Macy's Retail Holdings Inc., 6.700%, 7/15/34 3,079 780,000 Macy's Retail Holdings Inc., 6.900%, due 4/1/29 883 Collateralized Mortgage Obligation 0.01% 820,000 McDonald's Corp., 2.100%, due 12/7/18 825 80,818 Vendee Mortgage Trust 1993-1, 7.250%, due 2/15/23 89 3,075,000 Myriad International Holdings BV, 5.500%, due 7/21/25 3,097 30,044 Vendee Mortgage Trust 1995-1, 7.972%, due 2/15/25 33 850,000 Myriad International Holdings BV, 6.000%, due 7/18/20 920 10,923 Vendee Mortgage Trust 1995-2, 8.792%, due 6/15/25 13 1,165,000 Nordstrom Inc., 6.950%, due 3/15/28 1,410 5,937 Vendee Mortgage Trust 1998-2, 8.654%, due 8/15/27 7 1,580,000 RELX Capital Inc, 3.125%, due 10/15/22 1,566 TOTAL COLLATERALIZED MORTGAGE OBLIGATION 142 345,000 RELX Capital Inc, 8.625%, due 1/15/19 388 (Cost $132) 950,000 Time Warner Cable Inc, 4.000%, due 9/1/21 976 1,354,000 Time Warner Cable Inc, 4.125%, due 2/15/21 1,400 Commercial Mortgage Backed Securities 0.63% 1,100,000 Time Warner Cable Inc, 6.750%, due 6/15/39 1,279 276,426 Bear Stearns Comm Mrtg Sec Tr 2007-PWR15, 5.331%, due 2/11/44 277 50,000 Time Warner Cable Inc, 7.300%, due 7/1/38 62 1,261,753 Bear Stearns Comm Mrtg Sec Tr 2007-PWR15, 5.693%,due 6/11/50 1,284 870,000 Time Warner Cable Inc, 8.250%, due 4/1/19 978 2,040,000 CFCRE Commercial Mortgage Trust, 3.865%, due 1/10/48 2,121 1,510,000 Time Warner Cable Inc, 8.750%, due 2/14/19 1,702 131,099 Citigroup Commercial Mortgage Trust, 0.685%, due 9/10/45 131 1,040,000 Time Warner Cos Inc, 6.950%, due 1/15/28 1,298 94,121 GS Mortgage Securities Corp II, 0.662%, due 11/10/45 94 780,000 Time Warner Inc, 5.375%, due 10/15/41 825 635,288 JPMBB Commercial Mortgage Sec Trust,1.260%, due 8/15/46 634 400,000 Time Warner Inc, 6.250%, due 3/29/41 467 1,530,000 Morgan Stanley Bank of America ML Tr, 3.211%, due 10/15/48 1,539 1,300,000 Time Warner Inc, 7.625%, due 4/15/31 1,763 551,611 Morgan Stanley Capital I Trust 2007-IQ15, 5.901%, due 6/11/49 560 1,750,000 Time Warner Inc, 7.700%, due 5/1/32 2,372 185,561 UBS-Barclays Commercial Mortgage Tr, 0.726%, due 8/10/49 185 1,975,000 Walgreens Boots Alliance Inc, 3.300%, due 11/18/21 2,012 233,448 Wells Fargo Commercial Mortgage Tr, 0.687%, due 10/15/45 233 95,000 Walgreens Boots Alliance Inc, 4.800%, due 11/18/44 98 172,962 WF-RBS Commercial Mortgage Trust, 0.734%, due 12/15/45 173 2,045,000 Wal-Mart Stores Inc., 4.300%, due 4/22/44 2,158 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 7,231 67,139 (Cost $7,245) Consumer Staples 1.03% Corporate Obligations 34.00% 2,585,000 Anheuser-Busch InBev Finance Inc.,3.300%, due 2/1/23 2,631 Consumer Discretionary 5.81% 440,000 Anheuser-Busch InBev Finance Inc.,3.750%, due 7/15/42 396 25,000 21st Century Fox America Inc., 5.650%, due 8/15/20 28 840,000 Coca-Cola Femsa SAB de CV, 2.375%, due 11/26/18 846 675,000 21st Century Fox America Inc., 6.150%, due 3/1/37 790 165,000 Kraft Foods Group Inc., 3.500%, due 6/6/22 168 2,095,000 Kraft Foods Group Inc., 3.500%, due 7/15/22 2,127 12

INTERMEDIATE DIVERSIFIED BOND FUND Principal Percent of Fair Principal Percent of Fair Amount Corporate Obligations (continued) Net Assets Value (000's) Amount Corporate Obligations (continued) Net Assets Value (000's) Consumer Staples (continued) Financial Services (continued) 480,000 Kraft Foods Group Inc., 4.375%, due 6/1/46 $ 452 2,345,000 American Express Credit Corp., 2.250%, due 8/15/19 $ 2,358 295,000 Kraft Foods Group Inc., 6.500%, due 2/9/40 359 1,820,000 American Express Credit Corp., 2.600%, due 9/14/20 1,835 1,530,000 The Kroger Co, 2.950%, due 11/1/21 1,539 1,125,000 American International Group Inc., 6.400%, due 12/15/20 1,281 3,530,000 Mondelez International Hldngs Netherlands BV, 2.000%, due 10/28/21 3,382 1,250,000 American International Group Inc.,3.900%, due 4/1/26 1,272 11,900 695,000 Bank of America Corp., 4.000%, due 1/22/25 696 Energy 5.24% 3,430,000 Bank of America Corp., 4.200%, due 8/26/24 3,494 55,000 Berkshire Hathaway Inc.,6.125%, due 4/1/36 69 1,050,000 Bank of America Corp., 4.250%, due 10/22/26 1,063 445,000 Berkshire Hathaway Inc.,6.500%, due 9/15/37 579 560,000 Bank of America Corp., 4.450%, due 3/3/26 577 1,215,000 BG Energy Capital PLC, 4.000%, due 10/15/21 1,291 800,000 Bank of America Corp., 5.420%, due 3/15/17 806 1,830,000 BP Capital Markets PLC, 3.216%, due 11/28/23 1,848 1,525,000 Bank of America Corp., 5.625%, due 7/1/20 1,677 2,875,000 ConocoPhillips Co., 3.350%, due 11/15/24* 2,858 380,000 Bank of America Corp., 5.650%, due 5/1/18 398 1,505,000 ConocoPhillips Co., 4.150%, due 11/15/34 1,471 1,400,000 Bank of America Corp., 7.625%, due 6/1/19 1,573 1,275,000 ConocoPhillips Co.,5.750%, due 2/1/19 1,370 2,000,000 Bank of America NA, 1.750%, due 6/5/18 2,000 2,010,000 Consolidated Edison Co of New York Inc.,4.450%, due 3/15/44 2,093 1,445,000 Bank of America NA, 2.050%, due 12/7/18 1,453 865,000 Dominion Resources Inc/VA, 2.500%, due 12/1/19 874 775,000 Bank of America NA, 2.625%, due 4/19/21 770 425,000 Dominion Resources Inc/VA, 2.961%, due 7/1/19 430 875,000 Bank of America NA, 3.500%, due 4/19/26 863 600,000 Dominion Resources Inc/VA,4.104%, due 4/1/21 625 865,000 Bank of America NA, 6.100%, due 6/15/17 883 850,000 DTE Energy Co, 1.500%, due 10/1/19 836 1,525,000 Bank of New York Mellon Corp., 2.200%, due 3/4/19 1,536 385,000 Duke Energy Florida Inc., 3.850%, due 11/15/42 369 2,310,000 Bank of New York Mellon Corp., 3.400%, due 5/15/24 2,342 330,000 Duke Energy Progress LLC., 3.000%, due 9/15/21 338 1,095,000 Bank One Capital III, 8.750%, due 9/1/30 1,541 1,050,000 Enel Finance International NV, 6.000%, due 10/7/39 1,173 100,000 Bank One Corp, 7.625%, due 10/15/26 127 1,325,000 Enel Finance International NV, 6.800%, due 9/15/37 1,611 2,025,000 Barclays PLC, 4.375%, due 9/11/24 2,009 810,000 Energy Transfer Partners LP, 4.050%, due 3/15/25 802 2,700,000 BNP Paribas SA, 4.250%, due 10/15/24 2,707 930,000 Ensco PLC, 5.750%, due 10/1/44 674 2,425,000 BNP Paribas SA, 4.375%, due 9/28/25 2,411 1,120,000 Exelon Corp, 3.950%, due 6/15/25 1,151 35,762 BNSF Railway Co Pass Through Trust, 5.996%, due 4/1/24 41 2,875,000 Kinder Morgan Inc/DE, 4.300%, due 6/1/25* 2,960 2,050,000 Boston Properties LP, 3.125%, due 9/1/23 2,010 4,275,000 Kinder Morgan Inc/DE, 5.550%, due 6/1/45 4,496 50,000 Boston Properties LP, 3.700%, due 11/15/18 52 2,425,000 Kinder Morgan Inc/DE, 5.625%, due 11/15/23 2,662 725,000 Boston Properties LP, 3.850%, due 2/1/23* 744 320,000 MidAmerican Energy Co., 5.800%, due 10/15/36 387 375,000 Boston Properties LP, 4.125%, due 5/15/21 396 1,200,000 Motiva Enterprises LLC, 5.750%, due 1/15/20 1,297 125,000 Boston Properties LP, 5.625% due 11/15/20 138 370,000 Noble Holding International Ltd., 7.200%, due 4/1/25* 347 500,000 Boston Properties LP, 5.875% due 10/15/19 545 1,250,000 Pacific Gas & Electric Co., 5.625%, due 11/30/17 1,296 1,135,000 Capital One Financial Corp., 1.650%, due 2/5/18 1,133 690,000 PacifiCorp., 6.350%, due 7/15/38 903 1,703,000 Capital One Financial Corp., 3.500%, due 6/15/23 1,709 825,000 PECO Energy Co., 4.150%, due 10/1/44 843 1,375,000 Capital One Financial Corp., 3.75%, due 4/24/24 1,393 1,315,000 Petrobras Glibal Finance BV, 5.375%, due 1/27/21 1,286 1,000,000 Capital One Financial Corp., 4.200%, due 10/29/25 1,003 525,000 Petrobras Global Finance BV, 4.375%, due 5./20/23 459 850,000 Capital One Financial Corp., 4.750%, due 7/15/21 919 400,000 Petrobras Global Finance BV, 6.250%, due 3/17/24* 384 995,000 Capital One NA, 2.350%, due 8/17/18 1,001 750,000 Petroleos Mexicanos, 4.250%, due 1/15/25 690 2,085,000 Citigroup Inc., 1.800%, due 2/5/18 2,084 595,000 Petroleos Mexicanos, 4.500%, due 1/23/26* 542 1,950,000 Citigroup Inc., 2.150%, due 7/30/18 1,956 1,350,000 Petroleos Mexicanos, 4.875%, due 1/18/24 1,309 520,000 Citigroup Inc., 2.500%, due 9/26/18 525 700,000 Petroleos Mexicanos, 5.625%, due 1/23/46 581 1,775,000 Citigroup Inc., 3.500%, due 5/15/23 1,769 1,925,000 Petroleos Mexicanos, 6.375%, due 1/23/45 1,752 1,870,000 Citigroup Inc., 4.050%, due 7/30/22 1,935 955,000 Petroleos Mexicanos, 6.500%, due 3/13/27 985 2,480,000 Citigroup Inc., 4.500%, due 1/14/22 2,644 1,750,000 Petroleos Mexicanos, 6.625%, due 6/15/35 1,724 175,000 Citigroup Inc., 6.625%, due 6/15/32 212 1,025,000 Petroleos Mexicanos, 6.875%, due 8/4/26 1,081 345,000 Citigroup Inc., 8.125%, due 7/15/39 513 395,000 Public Service Co of New Hampshire, 3.500%, due 11/1/23 403 740,000 Citigroup Inc.,2.606%, due 5/15/18 752 2,175,000 Schlumberger Holdings Corp., 3.000%, due 12/21/20 2,221 900,000 Citigroup Inc.,3.200%, due 10/21/26 861 850,000 Shell International Finance BV, 3.400%, due 8/12/23 872 675,000 Citigroup Inc.,3.400%, due 5/1/26 656 3,760,000 Shell International Finance BV, 4.125%, due 5/11/35 3,839 1,820,000 Credit Suisse/New York NY, 1.750%, due 1/29/18 1,816 455,000 Statoil ASA, 3.700%, due 3/1/24 476 2,000,000 ERP Operating LP, 3.000%, due 4/15/23 1,972 315,000 Suncor Energy Inc., 6.500%, due 6/15/38 402 589,000 ERP Operating LP, 4.625%, due 12/15/21 640 520,000 Suncor Energy Inc., 6.850%, due 6/1/39 689 1,310,000 Guardian Life Global Funding, 1.950%, due 10/27/21 1,273 810,000 The Southern Co, 2.150%, due 9/1/19 810 410,000 HSBC Holdings PLC, 4.000%, due 3/30/22 424 2,230,000 Total Capital International SA, 2.875%, due 2/17/22 2,248 660,000 HSBC Holdings PLC, 4.250%, due 3/14/24 671 1,010,000 TransCanada PipeLines Ltd., 4.625%, due 3/1/34 1,065 1,985,000 HSBC Holdings PLC, 4.300%, due 3/8/26 2,058 470,000 Transocean Inc., 6.800%, due 3/15/38 364 800,000 HSBC Holdings PLC, 5.100%, due 4/5/21 865 580,000 Virginia Electric & Power Co., 4.650%, due 8/15/43 630 1,160,000 HSBC Holdings PLC, 6.500%, due 5/2/36 1,431 60,465 2,495,000 HSBC Holdings PLC, 6.500%, due 9/15/37 3,093 Financial Services 13.31% 1,325,000 HSBC Holdings PLC, 6.800%, due 6/1/38 1,678 300,000 Allstate Corp., 3.150%, due 6/15/23 304 100,000 HSBC USA Inc., 9.125%, due 5/15/21 123 930,000 Ally Financial Inc., 3.250%, due 11/5/18 931 1,080,000 American Express Credit Corp., 1.700%, due 10/30/19 1,069 13

INTERMEDIATE DIVERSIFIED BOND FUND Principal Percent of Fair Principal Percent of Fair Amount Corporate Obligations (continued) Net Assets Value (000's) Amount Corporate Obligations (continued) Net Assets Value (000's) Financial Services (continued) Health Care 2.08% 3,710,000 ING Bank NV, 3.750%, due 3/7/17 $ 3,726 1,240,000 Abbott Laboratories, 2.350%, due 11/22/19 $ 1,241 1,490,000 JPMorgan Chase & Co., 2.250%, due 1/23/20 1,486 3,635,000 Abbott Laboratories, 3.400%, due 11/30/23 3,621 1,630,000 JPMorgan Chase & Co., 2.550%, due 3/1/21 1,625 380,000 Aetna Inc., 2.200%, due 3/15/19 381 1,000,000 JPMorgan Chase & Co., 2.700%, due 5/18/23* 978 2,040,000 Aetna Inc., 2.800%, due 6/15/23 2,009 790,000 JPMorgan Chase & Co., 2.750%, due 6/23/20 797 1,502,000 Amgen Inc., 4.663%, due 6/15/51 1,444 2,145,000 JPMorgan Chase & Co., 3.250%, due 9/23/22 2,169 1,685,000 Amgen Inc., 5.150%, due 11/15/41 1,781 50,000 JPMorgan Chase & Co., 3.375%, due 5/1/23 50 225,000 Anthem Inc., 4.350%, due 8/15/20 237 50,000 JPMorgan Chase & Co., 4.950% due 3/25/20 54 1,125,000 Anthem Inc., 5.875%, due 6/15/17 1,148 1,750,000 JPMorgan Chase & Co., 6.000%, due 1/15/18 1,825 445,000 Biogen Inc., 3.625%, due 9/15/22 457 885,000 JPMorgan Chase & Co., 6.000%, due 10/1/17 913 895,000 Celgene Corp., 3.875%, due 8/15/22 908 1,850,000 Kaupthing ehf, 0.000%, due 5/19/16 1 225,000 Cigna Corp., 4.000%, due 2/15/22 235 525,000 Lloyds Banking Group PLC, 4.500%, due 11/4/24 534 1,110,000 Cigna Corp., 5.375%, due 2/15/42 1,237 1,478,000 Lloyds Banking Group PLC, 4.582%, due 12/10/25* 1,485 370,000 Cigna Corp., 7.650%, due 3/1/23 449 1,050,000 Lloyds Banking Group PLC, 4.650%, due 3/24/26 1,064 950,000 Cigna Corp., 7.875%, due 5/15/27 1,251 1,140,000 Manufacturers & Traders Trust Co., 1.400%, due 7/25/17 1,141 200,000 Cigna Corp., 8.300%, due 1/15/33 265 570,000 Massachusetts Mutual Life Insurance Co.,8.875%, due 6/1/39 856 695,000 Gilead Sciences Inc., 3.250%, due 9/1/22 709 2,940,000 Metropolitan Life Global Funding I, 1.350%, due 9/14/18 2,921 335,000 Gilead Sciences Inc., 3.700%, due 4/1/24 344 1,970,000 Metropolitan Life Global Funding I, 3.450%, due 12/18/26 1,988 440,000 Gilead Sciences Inc.,4.150%, due 3/1/47 418 990,000 Morgan Stanley, 2.500%, due 4/21/21 979 1,740,000 Humana Inc., 3.850%, due 10/1/24 1,781 1,720,000 Morgan Stanley, 2.625%, due 11/7/21 1,699 1,535,000 Medtronic Inc., 3.625%, due 3/15/24 1,597 115,000 Morgan Stanley, 3.125%, due 7/27/26 110 785,000 UnitedHealth Group Inc., 2.875%, due 12/15/21 796 1,485,000 Morgan Stanley, 3.875%, due 4/29/24 1,523 650,000 Zoetis Inc., 3.450%, due 11/13/20 667 200,000 Navient Corp., 4.625%, due 9/25/17 203 1,000,000 Zoetis Inc., 4.500%, due 11/13/25 1,060 20,000 Navient Corp., 8.450%, due 6/15/18 22 24,036 1,515,000 New York Life Global Funding, 1.450%, due 12/15/17 1,516 655,000 New York Life Global Funding, 2.100%, due 1/2/19 658 Materials & Processing 1.13% 565,000 New York Life Insurance Co., 6.750%, due 11/15/39 743 565,000 Air Liquide Finance SA, 2.250%, due 9/27/23 538 975,000 Northwestern Mutual Life Insurance Co, 6.063%, due 3/30/40 1,201 810,000 Caterpillar Financial Services Corp., 2.750%, due 8/20/21 814 690,000 PNC Bank NA, 2.250%, due 7/2/19 695 1,950,000 CRH America Inc., 3.875%, due 5/18/25 1,986 855,000 PNC Bank NA, 2.400%, due 10/18/19 863 2,895,000 Dow Chemical Co., 3.000%, due 11/15/22 2,896 940,000 PNC Bank NA, 2.550%, due 12/9/21 939 1,490,000 Dow Chemical Co., 7.375%, due 11/1/29 1,958 100,000 Provident Cos Inc, 7.250%, due 3/15/28 118 365,000 Dow Chemical Co., 9.400%, due 5/15/39 566 850,000 Reliance Standard Life Global Funding II,2.500%, due 1/15/20 845 965,000 Eastman Chemical Co., 2.700%, due 1/15/20 971 5,833,312 Rio Oil Finance Trust Series 2014-1, 9.250%, due 7/6/24 5,483 575,000 International Paper Co, 5.000%, due 9/15/35 608 2,205,772 Rio Oil Finance Trust Series 2014-3, 9.750%, due 1/6/27 2,029 2,320,000 Siemens Financieringsmaatschappij NV, 2.900%, due 5/27/22 2,337 3,350,000 Royal Bank of Scotland Group PLC, 4.800%, due 4/5/26 3,354 250,000 Vulcan Materials Co, 7.500%, due 6/15/21 294 125,000 Royal Bank of Scotland Group PLC, 6.000%, due 12/19/23 130 12,968 360,000 Royal Bank of Scotland Group PLC, 6.125%, due 12/15/22 383 Producer Durables 1.99% 760,000 The Goldman Sachs Group Inc, 3.750%, due 2/25/26 762 616,681 American Airlines Class A Pass Through Trust 5.250%, 7/31/22 657 1,150,000 The Goldman Sachs Group Inc, 4.000%, due 3/3/24 1,193 635,777 Burlington Northern and Santa Fe Railway Co, 4.967%, due 4/1/23 682 2,525,000 The Goldman Sachs Group Inc, 5.250%, due 7/27/21 2,767 78,604 Burlington Northern and Santa Fe Railway Co, 5.720%, due 1/15/24 87 55,000 The Goldman Sachs Group Inc, 7.500%, due 2/15/19 61 424,766 Burlington Northern and Santa Fe Railway Co, 6.462%, due 1/15/21 455 2,620,000 UBS AG/Stamford CT, 1.800%, due 3/26/18 2,622 60,032 Burlington Northern and Santa Fe Railway Co, 7.570%, due 1/2/21 65 615,000 Unum Group, 6.750%, due 12/15/28 694 435,761 Burlington Northern and Santa Fe Railway Co, 8.251%, due 1/15/21 480 540,000 US Bank NA/Cincinnati OH, 2.125%, due 10/28/19 542 15,846 Burlington Northern and Santa Fe Railway Co,5.943%, due 1/15/23 17 2,125,000 Visa Inc., 2.800%, due 12/14/22 2,137 636,480 Burlington Northern and Santa Fe Railway Co,6.727%, due 7/15/22 697 1,325,000 Wells Fargo & Co., 1.600%, due 12/6/19 1,328 275,000 Burlington Northern Santa Fe LLC, 3.050%, due 9/1/22 281 1,670,000 Wells Fargo & Co., 2.100%, due 7/26/41 1,625 1,750,000 Burlington Northern Santa Fe LLC, 3.750%, due 4/1/24 1,840 2,580,000 Wells Fargo & Co., 2.117%, due10/31/23 2,612 1,615,000 Burlington Northern Santa Fe LLC, 6.875%, due 12/1/27 2,089 4,060,000 Wells Fargo & Co., 2.150%, due 12/6/19 4,057 51,939 CSX Transportation Inc., 6.251%, due 1/15/23 60 2,000,000 Wells Fargo & Co., 2.600%, due 7/22/20 2,012 1,041,000 CSX Transportation Inc., 9.750%, due 6/15/20 1,282 1,240,000 Wells Fargo & Co., 3.000%, due 1/22/21 1,262 537,950 Delta Air Lines Class A Pass Through Trust, 6.821%, due 2/10/24 619 1,950,000 Wells Fargo & Co., 4.300%, due 7/22/27 2,006 227,105 Federal Express Corp 1998 Pass Through Tr, 6.720%, due 7/15/23 251 1,810,000 Wells Fargo & Co.,2.125%, due 4/22/19* 1,816 1,144,198 Federal Express Corp 1999 Pass Through Trust, 7.650%, due 7/15/24 1,310 125,000 Wells Fargo & Co.,4.600%, due 4/01/21 134 75,000 FedEx Corp, 8.000%, due 1/15/19 84 153,746 475,000 Illinois Tool Works Inc, 2.650%, due 11/15/26 454 82,000 Norfolk Southern Railway Co, 9.750%, due 6/15/20 101 790,011 Northwest Airlines 2007-1 Class, 7.027%, due 05/01/21 882 14